Strong performance of the combined group; Solvency II ratio at 204%

Press Release 16 November 2017 NN Group reports 3Q17 results Strong performance of the combined group; Solvency II ratio at 204% Operating result ongoing business increased to EUR 431 million from EUR 319 million in 3Q16, driven by improved results at most segments, the contribution of Delta Lloyd of EUR 51 million and EUR 32 million nonrecurring benefits in the segment Other, partly offset by lower results at Netherlands Non-life Net result of EUR 734 million versus EUR 436 million in 3Q16, reflecting the improved operating result and higher capital gains Ongoing expense reduction at Netherlands Life, Netherlands Non-life, Asset Management, the segment Other and Belgium, of EUR 86 million in the first nine months of 2017 Solvency II ratio of NN Group increased to 204% from 196% at 2Q17, reflecting operating return and positive market impacts Holding company cash capital increased to EUR 1,789 million reflecting EUR 332 million of dividends received from subsidiaries Statement of Lard Friese, CEO We are pleased to report another strong set of results for NN Group for the third quarter of 2017. This is the second quarter in which the results of Delta Lloyd have been included in our company s overall performance, after the acquisition of the company in April this year. Apart from the Non-life business, all our businesses performed well. Japan Life and Insurance Europe in particular reported a healthy increase in earnings and continue to achieve strong growth in sales. At the same time, we continue to strive for efficiency, as reflected in further cost savings of EUR 64 million in the quarter. Our balance sheet remains robust, with a Solvency II ratio of 204% and cash capital position of EUR 1.8 billion. We will redeem EUR 575 million of senior notes which mature tomorrow. Together with the transaction we concluded with Fonds NutsOHRA in April, we will have reduced our financial leverage by approximately EUR 1 billion. As a financial company with a significant economic footprint, we want to contribute to society; among other things by further integrating ethical, social and environmental components into our core strategy. As of September, NN Group is included in the Dow Jones Sustainability Indices, for both World and Europe. This means NN Group now ranks among the top 10% of the insurance industry group with regard to its sustainability performance. The integration of the Delta Lloyd and NN operations in the Netherlands and Belgium is progressing well. In the Netherlands, we reached agreements with the trade unions and the Works Councils on the Reorganisation Framework and the guiding principles for integration, that facilitate further implementation of the integration plans. Another important step forward as a combined group was the start of the brand transformation from Delta Lloyd to NN. Furthermore, to optimally serve our customers, new product offers are being developed by the combined front offices. We also reached out to intermediaries on multiple occasions to personally share and explain the rationale and the benefits of the combined group. With the integration process well on its way, we will continue to shape the future strategy of the combined group, and we look forward to sharing the progress we are making on these fronts at our Capital Markets Day on 30 November. NN Group key figures In EUR million 3Q17 3Q16 Change 9M17 9M16 Change Operating result ongoing business 1) 431 319 35.1% 1,241 945 31.3% Net result 734 436 68.5% 1,410 1,041 35.4% Net operating ROE 1)9)22) 10.6% 8.1% 10.8% 8.4% 3Q17 2Q17 3Q16 Solvency II ratio 2) 204% 196% 236% Note: All footnotes are included on page 27 NN Group Press release 3Q17, 16 November 2017 1

Quarterly Business Update NN Group s robust financial position provides a solid foundation for executing the company s strategy, which is to deliver an excellent customer experience based on transparent products and services and long-term relationships. NN Group aims to help people secure their financial futures, and is committed to delivering products and services that are easy to understand and that meet customers lifetime needs. Transparent products and services This quarter, two new innovative home insurance products were launched. Nationale-Nederlanden Spain launched Mihogar Seguro. This is a flexible product offering modular coverage including the repair of electrical appliances, services related to travel assistance and services related to pets (for example telephone counselling or access to veterinary centres). In total, more than 60% of these policies sold include such additional coverage. The Non-life business in the Netherlands launched a flexible home insurance product, in which the customer can choose specific insurance coverage in a more granular way to fit their personal needs. Since the third quarter, NN Bank in the Netherlands has been offering mortgage solutions for the self-employed. These mortgages are available for entrepreneurs who have been self-employed for over a year and less than three years. In September, the liability insurance products of OHRA and ABN AMRO Insurance, as well as the legal insurance products of Nationale-Nederlanden and ABN AMRO Insurance were awarded a five-star rating by MoneyView, which collects information about financial products and makes them transparent and comparable. Capturing growth NN s leading position in the area of Defined Contribution (DC) in the Dutch pension market was further strengthened by contract renewals in a broad range of sectors, and new sales in the SME and Corporate markets, an example is SGS, a multinational with over 90,000 employees worldwide, which chose NN s insured DC-product. The general pension fund De Nationale APF signed contracts with two new clients, Unisys and AFM, resulting in a total of approximately EUR 1 billion in assets under management as of January 2018. The banking business NN Bank and Delta Lloyd Bank continued to grow their mortgage business in the third quarter adding EUR 0.4 billion to reach a combined mortgage portfolio of EUR 17.8 billion. To address its ongoing funding needs and to further diversify its sources of funding, NN Bank successfully issued a EUR 500 million conditional pass-through covered bond in October under its covered bond programme. The bonds were placed with a broad range of institutional investors and will help NN Bank to further grow its business. In the third quarter of 2017, the sale of protection products at Insurance Europe grew by 47.9% across the region compared with the same quarter in 2016. In Turkey, a new law came into effect on 1 January 2017, under which all employees under the age of 45 will be enrolled in a new compulsory pension scheme, managed by a pension company to be selected by their employers. NN Hayat ve Emeklilik successfully introduced a pension product to meet this new demand, capturing around 7% market share. To support the product s introduction, an online peer-to-peer referral model was developed by our innovation lab Sparklab in Turkey to acquire new pension customers through third parties such as accountants, HR companies and payroll companies. Multi-access distribution Nationale-Nederlanden in the Netherlands took further steps in the omni-channel approach. Online chat and cobrowse technology has been implemented in our digital environment, creating ease of use for our customers and intermediaries. NN Group serves its customers through multiple channels, comprising tied agents, bancassurance partners, brokers and direct channels. Bancassurance COLI sales for Japan Life increased by 30% at constant currencies, compared with the third quarter of 2016, despite increasing competition. Higher bank activation and the expansion of the bank distribution network to 73 partners as of the end of September 2017, compared with 61 partners a year earlier, were key drivers for the increase in sales. Furthermore, Sumitomo Life started offering NN Life Japan s COLI products from the beginning of April 2017, contributing more than 10% of Japan Life s total sales this quarter. NN Group Press release 3Q17, 16 November 2017 2

NN Hellas in Greece renewed its bancassurance agreement with Piraeus Bank for the coming 10 years, with the possibility of a further five-year extension. Piraeus Bank, the leading bank in Greece, will continue to offer NN Hellas life and health products to its customers. In September 2017 Nationale-Nederlanden Poland introduced a new Payment Protection Insurance product specifically geared to both retail and entrepreneur customers of ING Bank Ślaski. The product offered to retail customers consists of both life and non-life insurance. The product for small businesses, Safe business, provides loan payment protection in the event that the owner is incapacitated for work. In November NN Hayat ve Emeklilik in Turkey entered into a strategic partnership with Hesapkurdu.com, the leading online loan aggregator for mortgages and consumer loans in the Turkish market. Effective and efficient operations NN Group is committed to making its processes as efficient and effective as possible. The Dutch life business has started an automation project, called `Robo for Life. Currently, seven robotic systems have been implemented in four different streams; Pay-outs, Start Pension & Decease, Divorce and Value Transfer. This has resulted in a decrease in operational costs and an improvement in customer service levels. NN in Belgium launched Medic@Home, a medical acceptance process for mortgage-linked Term Life insurance, which allows customers to complete the medical questionnaire entirely online, on any device (laptop, smartphone, tablet), guaranteeing a smooth service. So far, more than 80% of customers have chosen to file their medical acceptance online, using the NN Portal. NN is analysing how Medic@Home can be further rolled out for other life protection products with banking partners and in the broker channel in other markets. In Hungary NN introduced the Green Lane project which automates and digitises the underwriting and issuance of insurance policies. This includes real-time straight-through processing and enables multichannel access for customers. This is a significant step forward from the current 11 day issuance process, saves costs and allows quicker payment of commissions. Innovation NN International Insurance has developed a tool to support sales agents in their daily activities, the Smart Agent Mobile App, which is currently being piloted in Greece. The app supports agents by providing them with up-todate information on customers and prospects, an overview of open tasks, and their personal performance. The app is integrated with NN systems and phone functionalities allowing agents to easily connect with customers and prospects and to deliver better customer experience. The Non-life business in the Netherlands recently introduced a new car insurance: Roxo, developed together with Independer, a Dutch comparison site for financial products, and which uses machine learning to calculate risk premiums. Other ESG & Sustainability remains an area of focus for NN Investment Partners (NN IP) and has been performing well across the different asset classes. NNIP s Sustainable & Impact Equity funds, the Green Bonds & Sustainable Credit offering as well as the Sustainable Multi-Asset solutions have seen overall positive net flows. Furthermore, NNIP recently developed an innovative approach for assessing the Sustainable Development Goals (SDGs) exposure of companies and for investing according to the SDGs. The United Nations SDGs offer a solid path to value creation for society and shareholders: investing in a better world while achieving healthy financial returns. This new approach helps NNIP and its clients contribute to this as well. NN Group Press release 3Q17, 16 November 2017 3

Consolidated results Consolidated profit and loss account and key figures NN Group In EUR million 3Q17 3Q16 Change 9M17 9M16 Change Analysis of results 1) Netherlands Life 215 178 21.0% 726 547 32.7% Netherlands Non-life 1 21 96.4% 5 49 90.4% Insurance Europe 77 52 47.5% 192 138 39.1% Japan Life 52 40 29.4% 175 130 34.0% Asset Management 45 38 18.5% 115 100 15.5% Other 41 11 29 20 Operating result ongoing business 431 319 35.1% 1,241 945 31.3% Non-operating items ongoing business 541 251 115.3% 920 526 75.0% of which gains/losses and impairments 433 188 129.5% 709 306 131.9% of which revaluations 89 58 53.5% 174 161 8.6% of which market & other impacts 20 5 294.0% 37 59 38.0% Japan Closed Block VA 3 13 6 110 Special items before tax 45 10 132 56 Amortisation of acquisition intangibles 33 0 66 0 Result on divestments 0 0 178 0 Result before tax 898 547 64.1% 1,780 1,305 36.4% Taxation 159 111 43.4% 360 263 36.7% Minority interests 4 0 10 1 Net result 734 436 68.5% 1,410 1,041 35.4% Basic earnings per ordinary share in EUR 3) 2.14 1.31 4.16 3.12 Key figures ongoing business 1) Gross premium income 2,926 2,123 37.8% 9,268 7,421 24.9% New sales life insurance (APE) 394 326 21.1% 1,414 1,088 30.0% Total administrative expenses 553 422 31.0% 1,562 1,272 22.7% Cost/income ratio (Administrative expenses/operating income) 31.5% 33.4% 31.4% 33.3% Combined ratio (Netherlands Non-life) 4)5) 102.5% 97.9% 102.9% 99.4% Investment margin/life general account invested assets (bps) 7) 68 90 Net operating result 8) 315 239 22.9% 935 727 25.8% Net operating ROE 9)22) 10.6% 8.1% 10.8% 8.4% In EUR billion 3Q17 2Q17 Change 9M17 9M16 Change Key figures ongoing business Asset Management Assets under Management 244 245 0.5% 244 199 22.5% Life general account invested assets 135 136 0.2% 135 89 52.8% Total provisions for insurance & investment contracts 158 159 0.6% 158 110 44.2% of which for risk policyholder 28 29 2.3% 28 23 22.2% NN Life Solvency II ratio 2) 218% 220% 218% 211% Delta Lloyd Life Solvency II ratio 2) 149% 139% 149% Key figures Japan Closed Block VA Account value 6) 5,384 6,546 17.8% 5,384 8,699 38.1% Number of policies 97,847 122,394 20.1% 97,847 163,450 40.1% Key figures total NN Group Solvency II ratio 2) 204% 196% 204% 236% Total assets 22) 230 232 1.0% 230 178 29.3% Shareholders' equity 6)22) 22,009 21,824 0.8% 22,009 25,459 13.6% Employees (internal FTEs, end of period) 14,732 15,000 1.8% 14,732 11,533 27.7% Note: All footnotes are included on page 27 NN Group Press release 3Q17, 16 November 2017 4

NN Group s operating result of the ongoing business increased to EUR 431 million from EUR 319 million in the third quarter of 2016, driven by higher results at most segments, the contribution of the Delta Lloyd businesses of EUR 51 million and a total of EUR 32 million non-recurring benefits in the segment Other, partly offset by lower results at Netherlands Non-life The result before tax increased to EUR 898 million from EUR 547 million in the third quarter of 2016, reflecting higher non-operating items and the higher operating result, partly offset by higher special items and the amortisation of acquisition intangibles New sales (APE) were up 32.8% from the third quarter of 2016 on a constant currency basis to EUR 394 million, driven by higher sales in Netherlands Life, Insurance Europe and Japan Life Operating result The operating result of the ongoing business increased to EUR 431 million from EUR 319 million in the third quarter of 2016. The increase was driven by higher results at most segments, the contribution of the Delta Lloyd businesses of EUR 51 million and a total of EUR 32 million non-recurring benefits in the segment Other. These items were partly offset by an unfavourable claims experience in the D&A business at Netherlands Non-life. NN Group continues to focus on realising ongoing efficiencies and cost synergies from the acquisition of Delta Lloyd. The administrative expenses of the business units in the scope of the integration - Netherlands Life, Netherlands Non-life, Asset Management, the segment Other and Belgium - decreased by EUR 64 million in the third quarter of 2017. At the end of the third quarter of 2017, the administrative expense base amounted to EUR 1,938 million on a last 12-months basis, down EUR 86 million from EUR 2,024 million for the full year 2016. The operating result of Netherlands Life increased to EUR 215 million from EUR 178 million in the third quarter of 2016 mainly driven by the inclusion of Delta Lloyd, a higher technical margin and lower administrative expenses, partly offset by lower fees and premium-based revenues. The current quarter includes a contribution of Delta Lloyd of EUR 29 million. The operating result of Netherlands Non-life decreased to EUR 1 million from EUR 21 million in the third quarter of 2016, reflecting an unfavourable claims experience in Individual disability and an operating result for Delta Lloyd of EUR -6 million. The combined ratio was 102.5% in the third quarter of 2017 versus 97.9% in the same quarter last year. The operating result of Insurance Europe increased to EUR 77 million from EUR 52 million in the third quarter of 2016, reflecting higher fees and premium-based revenues, partly offset by higher administrative expenses. The current quarter included a contribution of Delta Lloyd Belgium of EUR 7 million and EUR 5 million of non-recurring benefits. The operating result of Japan Life was EUR 52 million, up 47.7% from the third quarter of 2016, excluding currency effects, reflecting higher fees and premium-based revenues and an improvement in the technical margin and investment margin, partially offset by higher expenses. The operating result of Asset Management increased to EUR 45 million from EUR 38 million in the third quarter of 2016, driven by higher fees, partly offset by higher expenses. The contribution of Delta Lloyd was EUR 5 million. The operating result of the segment Other was EUR 41 million versus EUR -11 million in the third quarter of 2016. The current quarter result was supported by a total of EUR 32 million non-recurring benefits at the reinsurance business and a provision release related to a legacy entity (NNOFIC), as well as a higher operating result at the banking business, partly offset by a lower holding result. In the first nine months of 2017, the operating result of the ongoing business increased to EUR 1,241 million from EUR 945 million in the same period last year, mainly driven by improved results at most segments and the contribution of the Delta Lloyd businesses for a total amount of EUR 101 million, partly offset by lower results at Netherlands Non-life. The operating result of the ongoing business for the first nine months of 2017 benefited from a total of EUR 90 million of private equity dividends and non-recurring items. Result before tax The result before tax for the third quarter of 2017 increased to EUR 898 million from EUR 547 million in the third quarter of 2016 mainly reflecting higher non-operating items and the higher operating result, partly offset by higher special items and the amortisation of acquisition intangibles. NN Group Press release 3Q17, 16 November 2017 5

Gains/losses and impairments were EUR 433 million compared with EUR 188 million in the third quarter of 2016. The current quarter mainly reflects capital gains on the sale of government bonds. Revaluations were EUR 89 million compared with EUR 58 million in the third quarter of 2016. The current quarter reflects EUR 73 million of positive revaluations on real estate and EUR 10 million of positive revaluations of derivatives. Market and other impacts were EUR 20 million versus EUR 5 million in the third quarter of 2016. The current quarter reflects the movement in the provisions for unit-linked guarantees and separate account pension contracts (both net of hedging) at Netherlands Life. The result before tax of Japan Closed Block VA was EUR 3 million versus EUR -13 million in the third quarter of 2016, which included negative hedge-related results due to higher market volatility. Special items amounted to EUR -45 million compared with EUR -10 million in the third quarter of 2016. The special items in the current quarter mainly reflect expenses related to the integration of Delta Lloyd as well as ongoing restructuring expenses. Amortisation of acquisition intangibles amounted to EUR 33 million in the third quarter of 2017. In the first nine months of 2017, the result before tax increased to EUR 1,780 million from EUR 1,305 million in the same period last year, reflecting higher non-operating items, the higher operating result of the ongoing business and improved results at Japan Closed Block VA. These items were partly offset by a provision related to ING Australia Holdings, higher special items and the amortisation of acquisition intangibles. Net result The third-quarter net result increased to EUR 734 million from EUR 436 million in the third quarter of 2016. The effective tax rate in the third quarter of 2017 was 17.7%, reflecting tax-exempt dividends and capital gains in the Netherlands related to shareholdings of 5% or more. Sales Total new sales (APE) at NN Group increased to EUR 394 million, up 32.8% from the third quarter of 2016 at constant currencies. APE at Netherlands Life increased to EUR 50 million versus EUR 16 million in the same quarter last year, driven by higher renewals of group pension contracts, higher sales of immediate annuities and the contribution of Delta Lloyd. At Insurance Europe, new sales were up 44.0% reflecting higher life sales across the region and the contribution of sales by Delta Lloyd Belgium. New sales at Japan Life were up 11.3%, mainly driven by higher sales of new COLI products launched in 2017 and sales through the Sumitomo partnership which started in April 2017. In the first nine months of 2017, total new sales were up 33.6% on a constant currency basis to EUR 1,414 million, driven by higher sales in Netherlands Life, Insurance Europe and Japan Life. Net operating Return On Equity (ROE) The net operating ROE of the ongoing business of NN Group increased to 10.6% compared with 8.1% in the third quarter of 2016 and in the first nine months of 2017 the net operating ROE increased to 10.8% from 8.4% in the same period in 2016, driven by the higher net operating result. Other events NN Group sells preference share Unilever On 2 November 2017, NN Group completed the sale of its 6% and 7% cumulative preference shares in Unilever N.V. (Preference Shares) to Unilever PLC as part of a public offer. The Preference Shares held by NN Group represented a total value of approximately EUR 295 million and 11.4% of the voting rights in Unilever N.V. The fair value of the Preference Shares is reflected in the IFRS and Solvency II balance sheet of NN Group at 30 September 2017. An IFRS capital gain for a total amount of approximately EUR 250 million will be reported in the segments Netherlands Life and Netherlands Non-life in the fourth quarter of 2017. NN Group Press release 3Q17, 16 November 2017 6

Sale of NN Life Luxembourg On 31 October 2017, NN Group completed the sale of NN Life Luxembourg to Bankers Insurance Holdings S.A., part of the family of independent insurance companies supported by Global Bankers Insurance Group. The transaction, which was announced on 6 April 2017, will not have a material impact on the capital position and operating result of NN Group. Unit-linked products in the Netherlands On 19 July 2017, the District Court in Rotterdam rejected all claims of Vereniging Woekerpolis.nl in a collective action against NN and ruled that NN has generally provided sufficient information on costs and premiums. Vereniging Woekerpolis.nl has lodged an appeal with the Court of Appeal in The Hague against the ruling of the District Court in Rotterdam. NN Group Press release 3Q17, 16 November 2017 7

Netherlands Life Operating result increased to EUR 215 million versus EUR 178 million in the third quarter of 2016, mainly driven by the inclusion of Delta Lloyd, a higher technical margin, and lower administrative expenses, partly offset by lower fees and premium-based revenues Result before tax increased to EUR 745 million from EUR 358 million in the third quarter of 2016 driven by the higher operating result and higher capital gains In EUR million 3Q17 3Q16 Change 9M17 9M16 Change Analysis of results Investment margin 179 178 0.3% 631 578 9.1% Fees and premium-based revenues 103 78 31.8% 319 254 25.4% Technical margin 77 30 153.7% 174 60 189.8% Operating income non-modelled business 0 0 0 0 Operating income 358 286 25.1% 1,124 893 25.9% Administrative expenses 133 100 33.1% 366 316 16.0% DAC amortisation and trail commissions 10 9 15.9% 32 30 6.3% Expenses 143 108 31.7% 398 346 15.2% Operating result 215 178 21.0% 726 547 32.7% Non-operating items 538 181 196.9% 821 438 87.5% of which gains/losses and impairments 439 112 290.3% 630 209 201.5% of which revaluations 77 58 33.0% 153 161 5.0% of which market & other impacts 22 11 103.2% 39 68 43.1% Special items before tax 8 1 30 3 Result on divestments 0 0 0 0 Result before tax 745 358 108.1% 1,517 982 54.5% Taxation 129 64 100.3% 268 184 45.7% Minority interests 2 0 6 1 Net result 614 294 109.2% 1,243 797 55.9% New business Single premiums 120 66 80.3% 315 233 35.2% Regular premiums 38 9 304.9% 306 189 62.1% New sales life insurance (APE) 50 16 211.5% 337 212 59.2% Key figures Gross premium income 731 377 94.2% 2,373 1,795 32.2% Total administrative expenses 133 100 33.1% 366 316 16.0% Cost/income ratio (Administrative expenses/operating income) 37.1% 34.8% 32.6% 35.4% Investment margin/life general account invested assets (bps) 7) 80 114 Net operating ROE 10) 7.8% 7.7% 9.9% 8.4% In EUR billion 3Q17 2Q17 Change 9M17 9M16 Change Key figures Life general account invested assets 102 102 0.1% 102 64 58.4% Total provisions for insurance & investment contracts 114 115 0.6% 114 75 52.8% of which for risk policyholder 21 22 3.8% 21 15 39.3% Allocated equity (end of period) 6)10) 15,467 15,298 1.1% 15,467 18,148 14.8% NN Life Solvency II ratio 2) 218% 220% 218% 211% Delta Lloyd Life Solvency II ratio 2) 149% 139% 149% Employees (internal FTEs, end of period) 2,642 2,664 0.8% 2,642 2,097 26.0% NN Group Press release 3Q17, 16 November 2017 8

The operating result of Netherlands Life increased to EUR 215 million from EUR 178 million in the third quarter of 2016 mainly driven by the inclusion of Delta Lloyd, a higher technical margin, and lower administrative expenses, partly offset by lower fees and premium-based revenues. The current quarter includes a contribution of Delta Lloyd of EUR 29 million. The investment margin was broadly stable at EUR 179 million compared with the third quarter of 2016, which included a private equity dividend of EUR 13 million. The current quarter reflects private equity dividends of EUR 7 million as well as the inclusion of Delta Lloyd. The investment spread, calculated on a four-quarter rolling average, decreased to 80 basis points from 114 basis points in the third quarter of 2016. The decrease reflects the inclusion of the Delta Lloyd invested assets and insurance liabilities at market yields, which have been remeasured to fair value as at 1 April 2017 as well as lower private equity dividends. Fees and premium-based revenues increased to EUR 103 million from EUR 78 million in the third quarter of 2016 mainly due to the inclusion of Delta Lloyd, partly offset by the run-off of the individual life closed book as well as lower margins in the pension business. The technical margin increased to EUR 77 million from EUR 30 million in the third quarter of 2016, mainly driven by the inclusion of Delta Lloyd. The current quarter includes EUR 12 million non-recurring benefits and favourable experience variances related to mortality results. The third quarter last year was impacted by a EUR 8 million addition to the unit-linked guarantee provision. As of the second quarter of 2017, changes in the unit-linked guarantee provision are reported as market & other impacts (non-operating items). Administrative expenses increased to EUR 133 million from EUR 100 million in the third quarter of 2016. The increase reflects the inclusion of Delta Lloyd, offset by lower staff and IT-related expenses. DAC amortisation and trail commissions were EUR 10 million versus EUR 9 million in the third quarter of 2016, reflecting the inclusion of Delta Lloyd, partly offset by the run-off of the individual life closed book. The result before tax increased to EUR 745 million from EUR 358 million in the third quarter of 2016. Gains/losses and impairments increased to EUR 439 million from EUR 112 million in the same period last year. The current quarter mainly reflects capital gains realised on the sale of Dutch, German and French government bonds upon maturity of credit spread locks that were executed in the first six months of 2017. Revaluations were EUR 77 million compared with EUR 58 million in the third quarter of 2016. Higher revaluations on real estate and derivatives were partly offset by lower revaluations on private equity. Market and other impacts were EUR 22 million reflecting movements in the provisions for guarantees on unit-linked and separate account pension contracts (net of hedging). New sales (APE) increased to EUR 50 million from EUR 16 million in the third quarter of 2016 driven by the Delta Lloyd contribution, as well as higher renewals of group pension contracts and higher sales of immediate annuities. In the first nine months of 2017, Netherlands Life s operating result increased to EUR 726 million from EUR 547 million in the same period last year. The increase reflects a EUR 85 million contribution of Delta Lloyd, a higher investment margin and a higher technical margin. The investment margin in the first nine months of 2017 includes private equity dividends and a dividend from an indirect stake in ING Life Korea for a total amount of EUR 62 million, whereas the same period last year included private equity dividends for a total amount of EUR 72 million. The technical margin of the NN portfolio in the first nine months of 2017 was supported by a total of EUR 18 million non-recurring benefits and favourable experience variances, whereas the same period last year was adversely impacted by an addition to the unit linked guarantee provision. The increase also reflects lower staff and IT-related expenses. These items were partly offset by declining fees and premium-based revenues reflecting the run-off of the individual life closed book as well as lower margins in the pension business. The result before tax increased to EUR 1,517 million in the first nine months of 2017 compared with EUR 982 million in the same period last year, reflecting the higher operating result, higher gains on government bonds and equity, as well as higher revaluations of real estate investments. This was partly offset by lower revaluations on derivatives and private equity, as well as less positive market and other impacts, reflecting movements in the provisions for unit-linked guarantees and separate account pension contracts. New sales (APE) increased to EUR 337 million in the first nine months of 2017 from EUR 212 million in the same period last year, mainly driven by the inclusion of Delta Lloyd and higher sales of defined contribution pension contracts. NN Group Press release 3Q17, 16 November 2017 9

Netherlands Non-life Operating result decreased to EUR 1 million from EUR 21 million in the third quarter of 2016 reflecting an unfavourable claims experience in the Individual disability portfolio and an operating result for Delta Lloyd of EUR -6 million Combined ratio was 102.5% versus 97.9% in the third quarter of 2016 In EUR million 3Q17 3Q16 Change 9M17 9M16 Change Analysis of results Earned premiums 686 383 78.9% 1,785 1,154 54.7% Investment income 24 27 11.3% 84 84 0.5% Other income 1 0 390.6% 2 1 372.5% Operating income 711 411 73.1% 1,871 1,238 51.2% Claims incurred, net of reinsurance 530 276 92.1% 1,378 849 62.4% Acquisition costs 103 60 69.8% 273 181 50.5% Administrative expenses 86 54 59.0% 232 162 43.7% Acquisition costs and administrative expenses 188 114 64.7% 505 343 47.3% Expenditure 718 390 84.1% 1,884 1,192 58.0% Operating result insurance businesses 7 21 134.1% 12 46 126.1% Operating result health business and broker businesses 8 0 17 3 407.1% Total operating result 1 21 96.4% 5 49 90.4% Non-operating items 4 7 36.2% 20 37 46.8% of which gains/losses and impairments 1 1 12.1% 5 24 79.0% of which revaluations 4 6 39.4% 15 13 10.5% of which market & other impacts 0 0 0 0 Special items before tax 3 0 5 12 Result on divestments 0 0 0 0 Result before tax 2 27 91.9% 20 75 73.6% Taxation 3 4 158.5% 0 14 103.1% Minority interests 2 0 4 0 Net result 3 23 88.1% 16 61 74.1% Key figures Gross premium income 585 282 107.6% 2,026 1,334 51.9% Total administrative expenses 11) 104 69 50.2% 280 208 34.4% Combined ratio 4)5) 102.5% 97.9% 102.9% 99.4% of which Claims ratio 4)5) 75.0% 68.1% 74.6% 69.6% of which Expense ratio 5) 27.4% 29.8% 28.3% 29.7% Net operating ROE 10) 0.0% 18.4% 0.4% 14.5% In EUR billion 3Q17 2Q17 Change 9M17 9M16 Change Key figures Total insurance provisions 6 6 1.2% 6 3 67.4% Allocated equity (end of period) 6)10) 1,001 1,029 2.8% 1,001 733 36.5% Employees (internal FTEs, end of period) 2,720 2,684 1.3% 2,720 1,619 68.0% NN Group Press release 3Q17, 16 November 2017 10

The operating result of Netherlands Non-life decreased to EUR 1 million from EUR 21 million in the third quarter of 2016, reflecting an unfavourable claims experience in Individual disability and an operating result for Delta Lloyd of EUR -6 million. The combined ratio was 102.5% in the third quarter of 2017 versus 97.9% in the same quarter last year. The operating result in Disability & Accident (D&A) decreased to EUR -12 million from EUR 25 million in the third quarter of 2016. The results for the third quarter of 2017 reflect unfavourable claims experience in the Individual disability portfolios of both NN and Delta Lloyd. The D&A combined ratio was 105.8% compared with 88.4% in the third quarter of 2016. The operating result in Property & Casualty (P&C) improved to EUR 5 million from EUR -5 million in the third quarter of 2016, which included a EUR -3 million additional impact from the severe storms in the second quarter of 2016. The improvement also reflects better underwriting performance in the Motor and Miscellaneous portfolios, partially offset by large claims in the Delta Lloyd Fire portfolio. The P&C combined ratio was 100.8% compared with 106.0% in the third quarter of 2016. Administrative expenses increased to EUR 86 million from EUR 54 million in the third quarter of 2016, mainly reflecting the inclusion of Delta Lloyd offset by lower project and IT related expenses. The operating result of the broker business increased to EUR 8 million from EUR 0 million in the third quarter of 2016, reflecting the broker results of Delta Lloyd related to health insurance products. The result before tax decreased to EUR 2 million from EUR 27 million in the third quarter of 2016, mainly due to the lower operating result. The operating result of Netherlands Non-life decreased from EUR 49 million in the first nine months of 2016 to EUR 5 million in the first nine months of 2017, of which EUR -12 million related to Delta Lloyd. The decrease in the operating result is mainly attributable to the unfavourable claims experience in the Individual disability portfolio and the Delta Lloyd Fire portfolio, partially offset by improved underwriting performance of the NN Fire portfolio. The first nine months of 2017 included the impact of the strengthening of insurance liabilities in the Motor and Miscellaneous portfolios of EUR 40 million, while the first nine months of 2016 included the impact of the severe storms. The result before tax decreased to EUR 20 million from EUR 75 million in the first nine months of 2016, mainly due to the lower operating result as well as lower gains on debt securities. The combined ratio for the first nine months of 2017 was 102.9% compared with 99.4% in the same period of 2016. NN Group Press release 3Q17, 16 November 2017 11

Insurance Europe Operating result increased to EUR 77 million from EUR 52 million in the third quarter of 2016, reflecting higher fees and premium-based revenues, partly offset by higher administrative expenses New sales (APE) up 44.0% from the third quarter of 2016 at constant currencies to EUR 141 million, reflecting higher life sales across the region and the contribution of Delta Lloyd Belgium In EUR million 3Q17 3Q16 Change 9M17 9M16 Change Analysis of results Investment margin 23 16 50.7% 62 49 25.0% Fees and premium-based revenues 181 136 33.1% 503 407 23.6% Technical margin 50 50 0.4% 143 143 0.3% Operating income non-modelled business 1 1 2.3% 2 2 0.1% Operating income Life Insurance 255 202 26.0% 710 601 18.1% Administrative expenses 97 77 26.9% 278 233 19.2% DAC amortisation and trail commissions 81 75 7.9% 240 232 3.3% Expenses Life Insurance 178 152 17.5% 518 466 11.3% Operating result Life Insurance 76 50 52.0% 192 136 41.5% Operating result Non-life 0 2 77.9% 0 2 97.7% Operating result 77 52 47.5% 192 138 39.1% Non-operating items 9 67 113.7% 42 60 30.8% of which gains/losses and impairments 12 71 117.0% 28 66 56.9% of which revaluations 5 1 321.0% 15 3 424.8% of which market & other impacts 2 6 2 9 Special items before tax 3 6 11 28 Result on divestments 0 0 0 0 Result before tax 64 113 43.3% 222 170 30.9% Taxation 18 23 21.1% 44 37 16.8% Minority interests 0 0 0 0 Net result 46 90 48.9% 179 133 34.9% New business Single premiums 269 207 30.0% 918 686 33.7% Regular premiums 114 80 42.4% 394 295 33.6% New sales life insurance (APE) 141 101 39.9% 486 364 33.6% Key figures Gross premium income 699 554 26.3% 2,072 1,720 20.5% Total administrative expenses (Life & Non-life) 100 80 25.3% 286 243 18.0% Cost/income ratio (Administrative expenses/operating income) 38.2% 35.9% 39.3% 36.7% Investment margin/life general account invested assets (bps) 7) 50 70 Net operating ROE 10)22) 11.4% 13.1% 9.9% 10.7% In EUR billion 3Q17 2Q17 Change 9M17 9M16 Change Key figures Life general account invested assets 19 19 0.7% 19 10 94.6% Total provisions for insurance & investment contracts 26 26 0.4% 26 18 39.8% of which for risk policyholder 7 7 2.5% 7 8 11.0% Assets under management pensions 12) 19 18 2.0% 19 16 20.2% Allocated equity (end of period) 6)10)22) 2,500 2,464 1.5% 2,500 1,930 29.5% Employees (internal FTEs, end of period) 4,599 4,629 0.6% 4,599 4,192 9.7% Note: For data in constant currencies, refer to the NN Group Financial Supplement: 2.4.1 Analysis of results: Insurance Europe Excluding currency effects NN Group Press release 3Q17, 16 November 2017 12

The operating result of Insurance Europe increased to EUR 77 million from EUR 52 million in the third quarter of 2016, reflecting higher fees and premium-based revenues, partly offset by higher administrative expenses. The current quarter included a contribution of Delta Lloyd Belgium of EUR 7 million and EUR 5 million of non-recurring benefits. The investment margin increased to EUR 23 million from EUR 16 million in the third quarter of 2016, mainly driven by an increase of the general account invested assets following the inclusion of Delta Lloyd. Fees and premium-based revenues increased to EUR 181 million from EUR 136 million in the third quarter of 2016. The increase was mainly driven by higher life sales in Poland and Turkey and higher fees on Assets under Management across the region due to portfolio growth and market value increases. The increase of the portfolio following the inclusion of Delta Lloyd also contributed to the higher fees and premium-based revenues. The current quarter includes EUR 5 million of non-recurring benefits related to the life business in Greece. The technical margin was stable at EUR 50 million. Administrative expenses increased to EUR 97 million from EUR 77 million in the third quarter of 2016, mainly as a result of the additional expense base of Delta Lloyd. DAC amortisation and trail commissions increased to EUR 81 million from EUR 75 million in the third quarter of 2016, resulting from the portfolio increase following the inclusion of Delta Lloyd. The result before tax decreased to EUR 64 million from EUR 113 million in the third quarter of 2016, which included capital gains following the sale of Belgian government bonds whereas the current quarter was impacted by EUR 10 million impairments on corporate loans. New sales (APE) increased to EUR 141 million from EUR 101 million in the third quarter of 2016, reflecting higher life sales across the region and the contribution of sales by Delta Lloyd. In the first nine months of 2017, the operating result of Insurance Europe increased to EUR 192 million from EUR 138 million in the same period of 2016, driven by higher fees and premium-based revenues and non-recurring benefits for a total amount of EUR 12 million, partly offset by higher administrative expenses. The contribution of Delta Lloyd was EUR 11 million. The result before tax in the first nine months of 2017 increased to EUR 222 million from EUR 170 million in the same period of 2016, reflecting the higher operating result and lower special items, partly offset by lower nonoperating items. New sales (APE) increased to EUR 486 million in the first nine months of 2017 from EUR 364 million in the same period last year, driven by higher life sales across the region and the contribution of sales by Delta Lloyd. NN Group Press release 3Q17, 16 November 2017 13

Japan Life Operating result was EUR 52 million, up 47.7% from the third quarter of 2016, excluding currency effects, reflecting higher fees and premium-based revenues and an improvement in the technical margin and investment margin, partially offset by higher expenses New sales (APE) were EUR 203 million, up 11.3% from the third quarter of 2016, excluding currency effects In EUR million 3Q17 3Q16 Change 9M17 9M16 Change Analysis of results Investment margin 1 6 5 18 Fees and premium-based revenues 154 162 5.1% 482 468 2.9% Technical margin 0 11 14 20 Operating income non-modelled business 0 0 0 0 Operating income 152 145 4.9% 491 429 14.3% Administrative expenses 35 32 9.1% 103 88 17.8% DAC amortisation and trail commissions 65 72 10.6% 213 212 0.7% Expenses 100 105 4.5% 316 299 5.7% Operating result 52 40 29.4% 175 130 34.0% Non-operating items 3 1 7 4 of which gains/losses and impairments 0 2 103.8% 8 2 205.7% of which revaluations 3 3 15 7 of which market & other impacts 0 0 0 0 Special items before tax 0 0 0 2 Result on divestments 0 0 0 0 Result before tax 49 39 26.5% 167 124 35.1% Taxation 14 7 92.7% 47 25 88.3% Minority interests 0 0 0 0 Net result 35 32 11.4% 120 99 21.6% New business Single premiums 0 0 0 6 100.0% Regular premiums 203 209 2.6% 590 512 15.4% New sales life insurance (APE) 203 209 2.6% 590 512 15.3% Key figures Gross premium income 904 906 0.2% 2,780 2,557 8.7% Total administrative expenses 35 32 9.1% 103 88 17.8% Cost/income ratio (Administrative expenses/operating income) 23.2% 22.3% 21.0% 20.4% Net operating ROE 10)25) 9.6% 6.9% 10.4% 8.0% In EUR billion 3Q17 2Q17 Change 9M17 9M16 Change Key figures Life general account invested assets 14 14 0.4% 14 14 1.3% Total provisions for insurance & investment contracts 13 13 0.2% 13 13 3.5% of which for risk policyholder 0 0 0.5% 0 0 2.5% Allocated equity (end of period) 6)10)25) 2,121 2,162 1.9% 2,121 2,650 20.0% Employees (internal FTEs, end of period) 804 792 1.5% 804 686 17.2% Note: For data in constant currencies, refer to the NN Group Financial Supplement: 2.5.1 Analysis of results: Japan Life Excluding currency effects NN Group Press release 3Q17, 16 November 2017 14

The operating result of Japan Life was EUR 52 million, up 47.7% from the third quarter of 2016, excluding currency effects, reflecting higher fees and premium-based revenues and an improvement in the technical margin and investment margin, partially offset by higher expenses. The investment margin improved to EUR 1 million from EUR 6 million in the third quarter of 2016 reflecting an increased volume of invested assets at relatively higher yields. Fees and premium-based revenues were EUR 154 million, up 8.3% from the third quarter of 2016, excluding currency effects, driven by higher in-force volumes. The technical margin was nil, an improvement versus EUR 11 million in the third quarter of 2016 on more favourable mortality and surrender results. Administrative expenses were EUR 35 million, up 24.3% from the third quarter of 2016, excluding currency effects, driven by higher costs to support business growth. DAC amortisation and trail commissions were EUR 65 million, up 2.0% from the third quarter of 2016, excluding currency effects. The result before tax was EUR 49 million, up 44.4% from the third quarter of 2016, at constant currencies, mainly reflecting the higher operating result. New sales (APE) increased to EUR 203 million, up 11.3% from the third quarter of 2016, excluding currency effects, mainly due to higher sales of new COLI products launched in 2017 and sales through the Sumitomo partnership which started in April 2017. In the first nine months of 2017, the operating result of Japan Life was EUR 175 million, up 36.9% compared with the same period of 2016, excluding currency effects. A higher technical margin due to better mortality and surrender results, higher fees and premium-based revenues and an improved investment margin were partly offset by an increase in DAC amortisation and higher administrative expenses. The result before tax for the first nine months of 2017 was EUR 167 million, up 37.8% from the same period of 2016, at constant currencies, reflecting the higher operating result. New sales (APE) were EUR 590 million, up 19.2% from the first nine months of 2016 at constant currencies, due to higher sales of new COLI products launched in 2017 and sales through the Sumitomo partnership which started in April 2017. NN Group Press release 3Q17, 16 November 2017 15

Asset Management Total Assets under Management (AuM) decreased to EUR 244 billion from EUR 245 billion at the end of the second quarter of 2017 Operating result increased to EUR 45 million from EUR 38 million in the third quarter of 2016, reflecting higher fees, partly offset by higher expenses In EUR million 3Q17 3Q16 Change 9M17 9M16 Change Analysis of results Investment income 0 0 0 0 Fees 134 119 12.7% 387 343 12.9% Operating income 134 119 12.7% 387 343 12.8% Administrative expenses 89 81 10.0% 271 243 11.7% Operating result 45 38 18.5% 115 100 15.5% Non-operating items 0 1 0 1 of which gains/losses and impairments 0 1 0 1 of which revaluations 0 0 0 0 of which market & other impacts 0 0 0 0 Special items before tax 2 1 7 3 Result on divestments 0 0 0 0 Result before tax 43 36 18.6% 108 95 13.2% Taxation 9 10 9.6% 26 24 7.7% Minority interests 0 0 0 0 Net result 34 27 28.7% 82 71 15.1% Key figures Total administrative expenses 89 81 10.0% 271 243 11.7% Cost/income ratio (Administrative expenses/operating income) 66.3% 68.0% 70.2% 70.9% Fees/average Assets under Management (in bps) 22 24 23 24 Net operating ROE 10) 30.4% 28.4% 26.5% 24.7% In EUR billion 3Q17 2Q17 Change 9M17 9M16 Change Key figures Assets under Management 244 245 0.5% 244 199 22.5% Allocated equity (end of period) 6)10) 453 452 0.2% 453 395 14.7% Employees (internal FTEs, end of period) 1,185 1,220 2.9% 1,185 1,129 4.9% In EUR billion AuM roll-forward Beginning of period 245 194 26.4% 195 187 4.2% Net inflow 2 2 0 3 Acquisition / Divestments 0 52 52 0 Market performance (incl. FX impact) and Other 1 3 3 16 End of period 244 245 0.5% 244 199 22.5% NN Group Press release 3Q17, 16 November 2017 16

Total Assets under Management (AuM) at Asset Management decreased to EUR 244 billion at the end of the third quarter of 2017 from EUR 245 billion at the end of the second quarter of 2017. The decrease was due to net outflows of Proprietary assets of EUR 1.8 billion, partly offset by positive market performance of EUR 0.6 billion and net inflows of Third Party assets of EUR 0.1 billion. The operating result increased to EUR 45 million from EUR 38 million in the third quarter of 2016, driven by higher fees, partly offset by higher expenses. The contribution of Delta Lloyd was EUR 5 million. Fees were EUR 134 million, up from EUR 119 million in the third quarter of 2016, reflecting the additional fees generated by Delta Lloyd Asset Management. Administrative expenses were EUR 89 million, up from EUR 81 million in the third quarter of 2016. The increase reflects the inclusion of Delta Lloyd Asset Management expenses, offset by lower IT and market data expenses. The result before tax increased to EUR 43 million compared with EUR 36 million the third quarter of 2016 reflecting the higher operating result. In the first nine months of 2017, the operating result was EUR 115 million, up 15.5% from the same period in 2016. Higher fee income as a result of the inclusion of Delta Lloyd Asset Management and higher margin AuM was partly offset by an increase in administrative expenses due to the inclusion of Delta Lloyd Asset Management and higher staff-related expenses. The result before tax in the first nine months of 2017 was EUR 108 million, up 13.2% compared with the same period in 2016, as the higher operating result was partly offset by higher special items reflecting restructuring expenses regarding the integration of NN Investment Partners and Delta Lloyd Asset Management. NN Group Press release 3Q17, 16 November 2017 17

Other Operating result improved to EUR 41 million from EUR -11 million in the third quarter of 2016 supported by a total of EUR 32 million non-recurring benefits at the reinsurance business and in the other results as well as a higher operating result at the banking business The operating result of the reinsurance business increased to EUR 21 million from EUR 2 million in the third quarter of 2016 reflecting non-recurring benefits for a total amount of EUR 16 million The operating result of the banking business increased to EUR 35 million from EUR 17 million in the third quarter of 2016, reflecting the inclusion of Delta Lloyd as well as a higher interest margin In EUR million 3Q17 3Q16 Change 9M17 9M16 Change Analysis of results Interest on hybrids and debt 26) 35 26 99 77 Investment income and fees 39 14 182.6% 73 41 77.0% Holding expenses 37 16 92 41 Amortisation of intangible assets 0 2 1 5 Holding result 34 30 119 81 Operating result reinsurance business 21 2 35 14 150.3% Operating result banking business 35 17 106.4% 92 47 98.7% Other results 19 0 21 1 Operating result 41 11 29 20 Non-operating items 12 1 45 4 of which gains/losses and impairments 5 3 57.0% 38 6 of which revaluations 6 4 6 10 of which market & other impacts 0 0 0 0 Special items before tax 29 2 78 7 Amortisation of acquisition intangibles 33 0 66 0 Result on divestments 0 0 178 0 Result before tax 9 14 249 31 Taxation 9 6 242.0% 24 5 Minority interests 0 0 0 0 Net result 0 20 225 36 Key figures Total administrative expenses 92 61 52.6% 255 175 45.4% of which reinsurance business 3 4 15.3% 10 11 8.5% of which banking business 55 41 35.4% 154 123 25.5% of which corporate/holding 34 16 111.9% 90 41 119.5% Net operating ROE banking business 14) 15.5% 10.6% 15.5% 10.1% In EUR billion 3Q17 2Q17 Change 9M17 9M16 Change Key figures NN Bank common equity Tier 1 ratio phased in 13) 14.2% 14.0% 14.2% 14.1% Delta Lloyd Bank common equity Tier 1 ratio phased in 13) 16.5% 16.8% 16.5% Total assets banking business 21 21 2.3% 21 14 52.4% Total provisions for insurance and investment contracts 0 0 28.6% 0 0 43.1% Employees (internal FTEs, end of period) 2,733 2,958 7.6% 2,733 1,759 55.4% NN Group Press release 3Q17, 16 November 2017 18